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Constellation, Exelon Shareholders Approve Merger

BALTIMORE (AP) — Constellation Energy and Exelon say their shareholders have approved the proposed $7.9 billion merger of the two companies.

The two companies say shareholders voted at special meetings on Thursday. Holders of about 71 percent of Exelon common stock voted with about 97 percent voting in favor. The owners of about 78 percent of Constellation common stock also voted on the deal, with about 87 percent in favor.

Under the proposed deal, Exelon Corp. shareholders would own about 78 percent of the combined company with Constellation Energy Group Inc. shareholders owning about 22 percent. The deal is expected to close in early 2012 if approved by regulators.

The deal would combine Constellation’s large retail arm and Exelon’s large wholesale power division, a merger analysts say could work well together.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

  • Gerald Loren

    Too bad that BGE as we know it will disappear before we know it. The new owners have no allegiance to the citizens who now are served by BGE/Exelon!
    Our MD State leadership did not lead to fight in this sellout. They were too busy defending Sen Currie in his fight to stay out of jail where he belongs.

    We Maryland citizens have lost all around in the matter of BGE/Constellation. We can only weep and remember at election time….remember, remember, and weep. Gerald Loren, Annapolis

  • moleman

    Did anyone in their right minds think this merger was not going to happen? Now you will see slowly but surely change. Change for the worse & not the better. Some faceless nameless multi billionaire will be making decisions that will affect your quality of life & cost of living from a board room in another country. BGE for all their ills was a home grown. Pretty soon you all will be just as irrelevent as I wish that schmuck Mayo Shattuck will be.

  • Steve Wilson

    Big money has spoken. Watch you utility bill go up just like gas prices.

  • KottaMan

    As usual, we ratepayers will be needing to bend over when this deal is inked. Exelon’s intent is clear as evidenced by the measly 22-percent ownership that will rest with former BGE shareholders. Guess all of us peons will have to start burning the household furniture to keep warm. I also recommend stocking up on can goods and ammo before the mess and cost of living increases in this state reach terminal critical mass. It’s coming.

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